EstoniaChapters
After centuries of Danish, Swedish, German, and Russian rule, Estonia attained independence in 1918. Forcibly incorporated into the USSR in 1940 - an action never recognized by the US and many other countries - it regained its freedom in 1991 with the collapse of the Soviet Union. Since the last Russian troops left in 1994, Estonia has been free to promote economic and political ties with the West. It joined both NATO and the EU in the spring of 2004, formally joined the OECD in late 2010, and adopted the euro as its official currency on 1 January 2011.
Source: The CIA World Factbook - Estonia
Key indicators
- Area
- 45,228 km2
- Population
- 1,220,042 (July 2021 est.)
- Government type
- parliamentary republic
- Languages
- Estonian (official) 68.5%, Russian 29.6%, Ukrainian 0.6%, other 1.2%, unspecified 0.1% (2011 est.)
- GDP
- $31.03 billion (2020 est.)
- Growth rate
- -2.9% (2020 est.)
- HDI
- 29
- Capital
- Tallinn
Macroeconomic indicators
Economic growth will remain solid, but slow to 3.7% in 2018 and 3.2% in 2019 as labour resources become scarcer. Private consumption is projected to strengthen, boosted by personal income tax reductions and wage growth. Investment is projected to continue to support activity. Improved euro area growth will stimulate exports despite increases in unit labour costs.
The fiscal stance is broadly neutral in 2018 and will be mildly expansionary in 2019. While this is appropriate given accommodative euro area monetary policy, fiscal space is available to foster inclusive growth and address societal issues once risks of overheating ease. Measures to support innovative activities in domestic firms and improve access to lifelong education should be prioritised.
Source: OECD - Economic Forecast
IMF Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
7.249 |
-0.461 |
-3.006 |
-0.528 |
2.179 |
|
Gross domestic product, current prices Percent change (Billions) |
36.889 |
37.951 |
40.757 |
43.486 |
45.476 |
|
Gross domestic product per capita, current prices Percent change (Units) |
27,716.897 |
28,136.261 |
29,838.985 |
31,854.782 |
33,346.951 |
|
Inflation, average consumer prices Percent change (Units) |
4.487 |
19.447 |
9.116 |
4.159 |
2.486 |
|
Volume of imports of goods and services Percent change (Units) |
23.235 |
3.200 |
-5.238 |
-4.096 |
2.653 |
|
Volume of exports of goods and services Percent change (Units) |
22.128 |
3.008 |
-6.869 |
-4.784 |
3.062 |
|
Unemployment rate Percent change (Units) |
6.177 |
5.571 |
6.376 |
8.058 |
7.669 |
|
Current account balance Percent change (Billions) |
-0.956 |
-1.226 |
-0.675 |
-1.484 |
-1.234 |
|
Current account balance Percent change (Units) |
-2.592 |
-3.232 |
-1.656 |
-3.413 |
-2.713 |
Estimates
Source: IMF Statistics - Estonia
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 23.05.2006 (Memorial 2006, A no.229, p.4075)
- Effective as of 01.01.2008 (Memorial 2006, A no.229, p.4075)
- Protocol to Amend the Convention from 07.07.2014 (Memorial 2015, A no.232, p.5060)
- Law from 05.02.2016
- Effective as of 01.01.2016
Air Services agreement
None
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Estonia
Embassy of the Grand Duchy of Luxembourg in Estonia
Ambassador with residence in Prague: Mr Gérard PHILIPPS
9 Apolinarska Street
CZ - 128 00 PRAHA 2
Czechia
Tel.: +420 257 18 18 00
Fax: +420 257 53 25 37
E-Mail: prague.amb@mae.etat.lu
Honorary Consul
Honorary Consul with jurisdiction over Estonia:
Mr Nils Per Anders HEDMAN
Pikk 9
EE-10123 Tallinn
Estonia
Tel.: (+37) 26 44 69 00
E-Mail: consul.lux.tallinn@gmail.com
Competent post for consular affairs the Embassy of the Kingdom of Belgium in Helsinki
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Estonia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: http://www.ducroire.lu/en/node/41?country=77